AURORA, Ontario (AP) _ Magna International Inc. (MGA) on Friday reported a second-quarter loss of $156 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Aurora, Ontario-based company said it had a loss of 54 cents. Earnings, adjusted for non-recurring costs, were 83 cents per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 93 cents per share.
The automotive supply company posted revenue of $9.36 billion in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $8.66 billion.
